Although July marked the 150th straight month of annual growth in home prices, monthly home price growth is starting to slip and annual forecasts are showing smaller anticipated gains, according to CoreLogic's Home Price Index and forecast for July 2024.
Growth for the category remained below 5% for the third consecutive month in July, coming in at 4.3% for the month compared with a rise of 4.7% in June. Month-over-month, home prices decreased 0.01% in July and the firm said it expects home prices to continue to slide through the remainder of the year as sales slow nationwide. CoreLogic expects home prices to rise only 0.2% for August.
The sluggishness is likely due to high mortgage interest rates, causing buyers to be cautious. The anticipated rate cuts from the Federal Reserve this fall may help improve consumer sentiment around purchasing a home, according to the report.
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